“For 147 years, Goldman Sachs has been best known as a secretive, Wall Street dealmaker with the ear of the White House. It helps big institutions and billionaires bet on the markets, and large corporations raise money.”
“What it hasn’t done — until now — is work closely with the average American. Now, the elite New York bank is jumping into the world of retail banking, launching GS Bank to offer high-yield online savings accounts for those with as little as $1.”
“If there was ever a test of whether or not the stigma . . . of Wall Street’s too-big-to-fail banks has faded it would be Goldman Sachs,” said Dennis Kelleher, president of Better Markets, a financial markets public interest group.”
“The money doesn’t sit there. They are pooled savings and they are going to be deploying that money,” said Kelleher from Better Markets. “That is the whole concept of banking.”
Read the full Washington Post article by Renae Merle here.